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MOST NOTEWORTHY: GFI Group, Wells Fargo and Cirrus Logic were today's noteworthy downgrades:
- Goldman downgraded GFI Group Inc (NASDAQ: GFIG) to Neutral from Buy following the company's announcement that credit chief, Donal Fewer, left the company to go to a rival firm and that about two dozen brokers may defect to follow him.
- Oppenheimer cut Wells Fargo & Company (NYSE: WFC) to Underperform from Perform as they believe the company is under-reserved by at least $4.5B and that there is significant room for multiple contraction.
- Cirrus Logic Inc (NASDAQ: CRUS) was downgraded at Jefferies to Hold from Buy on valuation, as they believe the risk/reward is no longer favorable at current levels.
OTHER DOWNGRADES:
- Baird cut Ryder System Inc (NYSE: R) to Neutral from Outperform.
- Caterpillar Incorporated (NYSE: CAT) was downgraded to Market Perform from Outperform at Wachovia and to Neutral from Outperform at Credit Suisse.
- Goldman removed Royal Caribbean Cruises (NYSE: RCL) from its Conviction Buy List.
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